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On 16 November 2016 the Sejm (lower chamber of the Parliament) adopted a bill to amend the VAT Act and certain other statutory laws, calling for numerous changes in the VAT Act and the Criminal Fiscal Code, among other laws.

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Consumer Credit Changes

Consumer Credit Changes

April 28, 2014

From 1 April 2014 the Financial Conduct Authority (“FCA”) has taken over responsibility for the regulation of consumer credit in place of the Office of Fair Trading (“OFT”).

The Consumer Credit Source Book known as “CONC” replaces most of the Consumer Credit Act 1974 (“the CCA 1974”) although not all. CONC was made by way of amendment to the FCA Handbook under powers exercised by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (“FSMA”). Essentially, CONC adopts and replace much of the CCA 1974 and OFT guidance. It consists of binding rules together with guidance.

As CONC is a rule book it will be able to be updated more speedily than the CCA 1974. The FCA has powers s.404 to impose disciplinary sanctions including financial penalties and ultimately withdrawal of authorisation. In addition as a rule book under FSMA s.138D(2) a contravention by an authorised person of a rule made by the FCA is actionable at the suit of a private person who suffers loss as a result of the contravention subject to defences and other incidents applying to actions for breach of statutory duty.

CONC puts the customer as the focus of consumer credit. It is encapsulated by principle 6 which states that a firm must pay due regard to the interests of its customers and treat them fairly. Fair treatment is central; there must be clear information; suitable and appropriate advice; products and services must perform as expected; it must be easy to change products and providers and easy to submit a complaint. Guidance is provided by way of examples of behaviour which are likely to contravene this principle.

A firm must have clear, effective and appropriate arrears, policies and procedures. CONC 7.3 provides that a firm must treat customers in default or in arrears difficulties with forbearance and due consideration and not take disproportionate action. CONC 7.7 provides that due regard must be had under principle 6 to pay regard to the interests of customers and treat them fairly.

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